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Friday, March 22, 2013

Reagan Budget Director, David Stockman: The Top 5% Have Gained More Wealth Since 1985 Than The Sum Total Of All Wealth Generated By Humankind Previously

Reagan Budget Director, David Stockman,
who oversaw the biggest tax cut in the history of humankind: “In 1985, the top
five percent of the households – the wealthiest five percent – had net worth of
$8 trillion – which is a lot. Today, after serial bubble after serial bubble,
the top five per cent have net worth of $40 trillion. The top five percent have
gained more wealth than the whole human race had created prior to 1980.”
Elsewhere in this same CBS “60 Minutes” interview, Mr. Stockman describes America's
obsession with tax cuts as "religion, something embedded in the
catechism," "rank demagoguery, we should call it what it is,"
and "We've demonized taxes. We've created... the idea that they're a
metaphysical evil." And finally, this encompassing observation: "The
Republican Party, as much as it pains me to say this, should be ashamed of
themselves."